{"id":25718,"date":"2021-11-09T07:00:33","date_gmt":"2021-11-09T00:00:33","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=25718"},"modified":"2021-11-08T19:58:55","modified_gmt":"2021-11-08T12:58:55","slug":"foreigners-transactions-in-korean-properties-reach-a-high-of-16405-deals","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/foreigners-transactions-in-korean-properties-reach-a-high-of-16405-deals\/","title":{"rendered":"Foreigners\u2019 transactions in Korean properties reach a high of 16,405 deals"},"content":{"rendered":"

Incheon ranked first as the area that saw the most active such real estate transactions with 3,056 deals<\/span>\u00a0<\/span><\/p>\n

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According to the latest data from the Korea Real Estate Board, foreigners\u2019 transactions in Korean land and properties during January-September\u00a0totalled\u00a016,405 deals. Stockforyou\/Shutterstock<\/figcaption><\/figure>\n

Foreigners\u2019 real estate transactions in South Korea hit an all-time high, while local buying remains frozen due to a lack of supply and government loan restrictions, reported The Korea Herald<\/a>. <\/span>\u00a0<\/span><\/p>\n

In efforts to control the\u00a0country’s\u00a0snowballing household debt, the government has implemented stricter lending regulations against locals.<\/span>\u00a0<\/span><\/p>\n

This has resulted in some displeasure, seeing the continuity of\u00a0foreigners\u2019 purchases of high-value\u00a0apartments.\u00a0<\/span>\u00a0<\/span><\/p>\n

According to the latest data from the Korea Real Estate Board, foreigners\u2019 transactions in Korean land and properties during January-September\u00a0totalled\u00a016,405 deals, a record high since data compiling began in 2006.\u00a0<\/span>\u00a0<\/span><\/p>\n

This number is likely to exceed last year\u2019s annual reading of 21,048,\u00a0of\u00a0which last year\u2019s corresponding figure for the January-September period stood at 15,727.\u00a0<\/span>\u00a0<\/span><\/p>\n

Incheon saw the highest number of transactions with 3,056 deals.\u00a0<\/span>\u00a0<\/span><\/p>\n

Separate government data released last month indicated that the number of registered foreign landlords here was at 2,394 as of June 2020.\u00a0<\/span>\u00a0<\/span><\/p>\n

Meanwhile, the number of Korean apartments acquired by foreigners from January 2017 to May 2020 was recorded at 23,167 units, valuing KRW7.6 trillion (USD6.4 billion).<\/span>\u00a0<\/span><\/p>\n

The number of Chinese nationals registered as landlords in South Korea came to 885 out of the 2,394\u00a0foreigners, or 37 percent.\u00a0<\/span>\u00a0<\/span><\/p>\n

US nationals stood at 702 (29.3 percent), while Canadian nationals came to 269 (11.2 percent) in the same period.<\/span>\u00a0<\/span><\/p>\n

The growth in foreign transactions has fueled voices to adopt stricter regulations. <\/span>\u00a0<\/span><\/p>\n

The Ministry of Land, Infrastructure, and Transport introduced its plans to compose and submit a revision bill that would require foreigners to file documents with their alien registration number, purpose, and duration of their stay.<\/span>\u00a0<\/span><\/p>\n

More: South Korea and Italy join hands in green energy and biotech<\/strong><\/a><\/p>\n

Such information has not been mandatory in acquiring property here so far.\u00a0<\/span>\u00a0<\/span><\/p>\n

Foreign investors can also dodge the strict loan restrictions, as they could borrow money from abroad and invest it here, critics claimed.\u00a0<\/span>\u00a0<\/span><\/p>\n

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The Property Report editors wrote this article. For more information, email:\u00a0<\/span><\/i>propertyreport@propertyguru.com<\/span><\/i><\/a>.<\/span><\/i>\u00a0<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Incheon ranked first as the area that saw the most active such real estate transactions with 3,056 deals\u00a0<\/p>\n","protected":false},"author":12,"featured_media":25719,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[112,551,512,198],"class_list":["post-25718","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-foreign-investment","tag-mortgage","tag-residential","tag-south-korea","news_country-south-korea","news_author-property-report"],"acf":[],"yoast_head":"\nForeigners\u2019 transactions in Korean properties reach a high of 16,405 deals | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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